Starting a business sincerely require extraordinary enthusiasm, passion and pursuance, and after you’ve legally registered your business, you’ll need someone professional accountants who can lean on when making day to day Accounting and Financial Management decisions in Mississauga. It is something like you have to learn from it or hire a professional accountant when you are running a business.
For business people, Accounting Services is seriously a crucial part of any successful business, as it increasingly requires managing all the decisions that are highly relevant to both business and owners for Business Startups.
The records are all your accounting documents and these documents must be organized differently to simplify things over time with us.
However, controlling business is a never-ending process as it is coupled up with increasing to-do lists.
Your Bookkeeping services can be simple or complex depending on the nature of business. But when you choose to hire someone, you still need to be well organized.
Ask yourself whether you need bookkeeper or not
Bookkeeping practices are no doubt the strong foundation of every successful business startups, and surely, accounting should be your preferred responsibility if you want to build a strong financial foundation for your business. It could save you time, money and frustration in all aspects simultaneously.
Manage your financials accounting status with us to ensures that your records are perpetually up-to-date whether it is for tax preparation, loan reviews or other business needs.
Poor bookkeeping is apparently disastrous as we know if it is not done properly or in an efficient manner, but having professional accountants can save you from all of them, as it helps you make the right decision in an attempt to avoid improperly keeping financial records.
Staying organized is the most critical step to be efficient and accurate in accounting since it organizes your business accounting records when determining what to preserve and how to quickly find information when you need it. The business generates paperwork and that quite obvious, but it becomes overwhelming when it is not under control.
With us, you can keep track of accurate sales, tax and expenses into our records as they occur.
Be on time with CRA:
One of the reasons why it is necessary to carry out the accounting of your business is for compliance with the CRA. Whatever records we are creating or managing regarding any business, they are the real authority to examine you.
For this reason, hiring the bookkeeping experts makes sense so that they can help you avoid fines and penalties for late payments.
Take advantage of upcoming future opportunities and be updated on sales and income tax with our and also on the cash your business will demand throughout the month, quarter and year.
|Tax, duty, or other charges||Overdue remittances||Overpaid remittances – Corporate taxpayers||Overpaid remittances – Non- corporate taxpayers|
|Goods and services tax (GST)||5%||1%||3%|
|Harmonized sales tax (HST)||5%||1%||3%|
|Air travellers security charge||5%||1%||3%|
|Excise tax (non-GST/HST)||5%||1%||3%|
|Excise duty except brewer licensees (amounts due after June 30, 2003)||5%||1%||3%|
|Excise duty except brewer licensees (amounts due before July 1, 2003)||3%||N/A||N/A|
|Excise duty (brewer licensees)||3%||N/A||N/A|
|Softwood lumber products export charge||5%||1%||3%|
Whatever business we’re in, we’ve usually got our hands so full that’s it’s easy to overlook or delay important government filing requirements. Don’t make that mistake; it can be costly… in many ways! It’s easier to have a professional make sure everything is being done properly so that you don’t have to worry about it.
Maple resident fined $2,000 for failing to file GST/HST returns
Newmarket, Ontario, September 7, 2012 … The Canada Revenue Agency (CRA) announced today that on September 5, 2012, Bernardino Ianeiro of Maple, Ontario, was fined $2,000 in the Ontario Court of Justice in Newmarket, Ontario, after pleading guilty to two counts of failing to file GST/HST returns. He was fined $1,000 per count, for a total of $2,000. He has 60 days to pay the fine.
Mr. Ianeiro failed to file two annual GST/HST returns for the periods ending December 31, 1998 and December 31, 2000. All outstanding returns have since been filed.
The preceding information was obtained from the court records.
In addition to the fines imposed by the courts, individuals or corporations convicted of failing to file tax returns are still obligated to file the tax returns and pay the full amount of taxes owing, plus interest, as well as any civil penalties that may be assessed by the CRA.
Taxpayers who have not filed returns for previous years, or who have not reported all of their income, can still voluntarily correct their tax affairs. They may not be penalized or prosecuted if they make a valid disclosure before they become aware of any compliance action being initiated by the CRA against them. These taxpayers may only have to pay the taxes owing, plus interest.
Secret commissions and tax evasion result in jail and $150,000 fine
Barrie, Ontario, March 26, 2012…The Canada Revenue Agency (CRA) announced today that on March 21, 2012, Darwin Whitton, of Stayner, pleaded guilty in the Ontario Court of Justice in Barrie to one count of tax evasion and two counts of receiving secret commissions. Whitton was sentenced to six months in jail, 17 months of house
Whitton, a former employee of Honda of Canada Mfg. in Alliston, Ontario, requested money and goods from Barry Thompson in exchange for his recommendation to Honda to hire Barry R. Thompson Enterprises Ltd. to perform electrical contracting work at Honda’s Alliston facility. Whitton did not report a total of $622,797 of money and goods provided by Thompson Enterprises on his 2003 to 2008 personal income tax returns. As a result, Whitton evaded paying $177,305of federal income tax during those years.
Whitton informed Thompson of Honda budget limits for electrical contracts as well as the bids of other suppliers. He encouraged Thompson to submit inflated bids approaching Honda’s budget limits and competitive to the bids of other suppliers. In exchange for using his influence to ensure that Thompson Ltd. was the successful bidder, Whitton received 90% of the inflated portion of these bids as a kickback.
In addition to money, Whitton requested and received a sports utility vehicle, two snowmobiles, tractor and accessories, a travel trailer, swimming pool plus related accessories, two all terrain vehicles and trailer, a large screen television, kitchen renovations and fencing.
The preceding information was obtained from the court records.
“Paying taxes is the law,” said Darrell Mahoney, Assistant Commissioner, Ontario Region, CRA. “The vast majority of Canadians accept their tax obligations. In fairness to those law-abiding citizens, the CRA will continue to conduct audit, prosecution, and other enforcement activities on the small minority of individuals who try to evade their obligations,” he added.
Individuals who have not filed returns for previous years, or who have not reported all of their income, can still voluntarily correct their tax affairs. They may not be penalized or prosecuted if they make a valid disclosure before they become aware of any compliance action being initiated by the CRA against them. These individuals may only have to pay the taxes owing, plus interest. More information on the Voluntary Disclosures Program (VDP) can be found on the CRA’s website at www.cra.gc.ca/voluntarydisclosures.
As a rule, you can deduct any reasonable current expense you paid or will have to pay to earn business income. The expenses you can deduct include any GST/HST you incur on these expenses less the amount of any input tax credit claimed.
You cannot deduct personal expenses. Deduct only the business part of expenses from business income. In addition, you cannot claim expenses you incur to buy capital property.
For more information, see the List of expenses below.
When you claim the GST/HST you paid on your business expenses as an input tax credit, reduce the amounts of the business expenses you show on Form T2125, Statement of Business or Professional Activities, by the amount of the input tax credit. Do this when the GST/HST for which you are claiming the input tax credit was paid or became payable.
Similarly, subtract any other rebate, grant, or assistance from the expense to which it applies. Enter the net figure on the proper line. Any such assistance you claim for the purchase of depreciable property used in your business will affect your claim for capital cost allowance.
If you cannot apply the rebate, grant, or assistance you received to reduce a particular expense, or to reduce an asset’s capital cost, include the total on line 8230 in Part 3 of Form T2125.